Research Paper on "Uninsured Population Insurance Premiums Budget"

Research Paper 8 pages (2404 words) Sources: 8

[EXCERPT] . . . .

The Census Bureau released a report in 2011, showed a 1.6% decline in the uninsured employees that age from 20-25. In term of number the 1.6% is a small figure but it accounts for 393,000 people insuring themselves in just over a year's time. Another report showed that out of the 4 million businesses that were offered the insurance program, almost 175,000 claimed it. (Blendon, 2010)

Insurance Premiums:

The second important impact of the PPACA Act was on the insurance premiums. Through the PPACA Act the insurance companies were ordered by the state to charge less premium amount on the policies in order to encourage people buying the insurance policies. In order to cover these insurance companies, the state had given subsidies. The insurance companies have been complying with the laws that were set by the state and have lowered down their profit margins in an attempt to provide insurance policies to a larger population.

Budget Deficits:

A key purpose of the PPACA act was to reduce the overall deficits of the CBO. CBO is the Congressional Budget Office. The report from the year 2011 shows that the budget estimated has been reduced by almost $200 billion from 2011-2020. These projections are based on the estimations that the net income from the law would bring about $800 billion in ten years which will offset the $600 billion deficits standing. (Elmendorf, 2011)

Healthcare Trends:

If we look at the healthcare spending trends then we can see a trend that the health costs have been increasing tremendously. This rising trend in the health costs has put a great pressure on the federal budget. It is extremely had to develop a framework in such times when there is a great pressure from the fiscal deficits and there is a constant rise in the overall healthcare costs. CBO has made many public statements in which they have mentioned that the current healthcare facilities are not enough to provide for a significant share of people's health. In order to tackle this fiscal pressure it is important to minimize the health budget and utilize the resources that are available to the state.

Public Opinion:

The opinion of the general public on this policy has been shifting over time. When this policy was introduced the general opinion of the public was extremely good, people thought that this policy by the state is going to provide a great benefit to them and is for their own good. With time the public opinion has shifted to the other extreme. Now generally the perception is negative against this Act. There is a lot of political influence that has led to a change in the public opinion. This law was passed by the Democrats despite facing heavy opposition from Republicans and Independents. The performance of the act has come under fierce scrutiny recently. Media has criticized the objectives of the Act and the lack of practicality of the act which is responsible for creating a negative perception from the people.

Conclusion:

There have been a number of legal battles that the state has been facing related to this Act. The Supreme Court had stepped in and stated that there were many elementary flaws in the act because of the conflicting nature of the provisions made in the act. This has left the employees with great worries and they are uncertain about the act.

However the fact is that the recent criticism that the PPACA act has faced is mostly unjustified. It is important to understand that the PPAPCA act is an extremely complex and difficult Act. The Act covers a large and wide area of components that exist in our healthcare system. The PPACA Act does not apply to each and every employer. The penalties for not having health insurance are not applicable for most of the small size businesses. On the other hand these small sized businesses are subject to many benefits from the PPACA Act. The small businesses even have options to choose from the exchange programs or group purchase of the insurance plans. So one thing that we can establish from this is that the small businesses have received great benefits from this act.

PPACA Act has come under fire and has faced heavy criticism from the media and the opposing parties. However it is important to look at the bigger picture and the overall impact that this act has made. The signs so far have been positive and indications are that the healthcare reforms will improve the living standards of the general public and reduce the overall fiscal deficits faced by the state. It is also significant that the implementation of the act is given full opportunity and time in order to reap the maximum benefits from the act. A change or a major provision in the policy could be harmful for the healthcare reforms.

References:

Barr, Donald A. Introduction to U.S. Health Policy: The Organization, Financing, and Delivery of Health Care in America. JHU Press. 2011

Blendon RJ, Benson."Public opinion at the time of the vote on health care reform." N. Engl. J. Med. 362 (16): e55. 2010

Elmendorf, Douglas. "CBO's Analysis of the Major Health Care Legislation Enacted in March 2010." Congressional Budget Office. 2011

Feldman, Arthur M. Understanding Health Care Reform: Bridging the Gap between Myth and Reality. CRC Press. 2011

John E. McDonough. Inside National Health Reform. University of California Press (2011)

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